Page 798 - Business Finance
Tata Steel to sponsor Professional Golf Tour of India
Tata Steel announced here on Wednesday a three-year deal to be the umbrella sponsor of the Professional Golf Tour of India (PGTI).
PNB cuts MCLR rates by 10 bps from Mar 1
State-owned Punjab National Bank (PNB) on Wednesday said it will reduce the MCLR by 0.10 percentage point for various tenor loans from March 1. There is a reduction in the marginal cost of funds based lending rate (MCLR) with effect from March 1, 2019, PNB said in a regulatory filing. The one-year tenor loans, against which most of the consumer loans are benchmarked, has been cut to 8.45 per cent from 8.55 per cent. The three-year MCLR has been cut to 8.65 per cent. The rates for overnight, one/three/six month MCLRs are also down by 10 basis points each at 8.05 per cent, 8.10 per cent and 8.15 per cent respectively. Base rate at 9.25 per cent will remain unchanged, bank said. Country's largest lender SBI on February 8 had announced to cut home loan rates by 0.05 percentage point for loans up to Rs 30 lakh. The Reserve Bank in its last bi-monthly policy review for 2018-19 had cut the key repo rate by 25 basis points to 6.25 per cent, paving the way for banks to make consumer loans ...
Tata Steel recognised as one of World's Most Ethical Companies
Private steel major Tata Steel has been recognised as one of the World's Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, for 2019, a company release said here Wednesday. With this, Tata Steel has got the recognition eight times in the 'Metals, Minerals and Mining' category. "We are honoured to be recognised as one of the World's Most Ethical Companies for the eighth time now. The Tata name evokes a sense of Trust, Credibility and Integrity to many millions of stakeholders in India and overseas. "This equity of the Tata group has been earned through our conduct and operating principles. This recognition enables us to stay committed to operate with high ethical standards," company CEO and MD, T V Narendran said.
US targets China, Canada, Mexico in new anti-dumping case
The United States has threatened fresh import duties on nearly USD 2 billion in structural steel from Canada, Mexico and China, according to the Commerce Department. The latest investigation into possible dumping and unfair subsidies, announced late Tuesday, comes on top of sweeping tariffs on steel imports from all countries that President Donald Trump imposed last year ahead of major trade negotiations. But it also comes after the White House reached a new North American trade deal with Ottawa and Mexico City, and has called a truce in its trade dispute with Beijing. The American Institute of Steel Construction called for the investigation, alleging that imports of fabricated structural steel -- such as beams, frames, columns joists -- have been dumped on the US market at less than fair value and benefited from unfair subsides. The organization claims Canadian, Chinese and Mexican producers benefit from scores subsidy programs, including tax abatements, grants, loans and export ...
European, US stocks slide on geopolitical tensions
European and US stock markets fell Wednesday with sentiment dented by heightened geopolitical worries, dealers said. An Asian market rally ran out of steam after Pakistan said it had shot down two Indian jets in its airspace in Kashmir, fuelling concerns of conflict between the nuclear-armed rivals. London equities fell 0.7 per cent in afternoon trading, owing to a strong pound, which extended gains on receding fears of a no-deal Brexit. In the eurozone, Frankfurt dropped 0.3 per cent and Paris slid 0.2 per cent. Wall Street also opened lower, with the Dow dipping 0.2 percent in the first minute of trading. "Rising geopolitical tensions dominates trading, sending global equities... lower as India clashes with Pakistan," said Oanda analyst Dean Popplewell. Trading floors were shaken in Asia by a statement from the Pakistan Air Force that it had downed two Indian planes and arrested one of the pilots. New Delhi confirmed the loss of one of its planes and said it had shot down a ...
CBI files case of loan fraud amounting to Rs 21.86 crore in UCO Bank
The CBI has registered a case of fraud in UCO bank, wherein loans worth over Rs 21 crore were allegedly granted by a bank official in collusion with private persons on the basis of fake documents, officials said Wednesday. It is alleged that K R Saroja, the then Branch Manager of Jayanagar branch of the bank in Bengaluru, sanctioned and disbursed home loan and property loans worth Rs 21.86 crore to 23 borrowers on the basis of alleged fraudulent papers between 2013 and 2016. The agency alleged that she acted in collusion with loan facilitator Srinivasa Gowda, President of Karnataka Human Rights Panel, and one H K Harish. Gowda and Harish had allegedly arranged fake and fabricated bills from non-existent firms which were used by Saroja to release the loans to savings account of the borrowers by abusing her official position, the FIR said. It is alleged that funds were diverted for the purposes other than for which they were sanctioned at concessional rates of interests causing loss to .
Quess Corp gets revision in credit ratings from ICRA
Long term fund based limits - ICRA AA; Stable (Upgraded) Non convertible debentures - ICRA AA; Stable (Upgraded) Short term fund limit - ICRA A1+ (Reaffirmed) Short term non fund based limits - ICRA A1+ (Reaffirmed) Commercial paper - ICRA A1+ (Reaffirmed)
Jet Airways grounds 7 more planes
Crisis-hit Jet Airways Wednesday said seven more aircraft have been grounded due to non-payment of lease rentals. So far this month, as many as 13 planes of the company have been grounded on account of non-payment of rentals to lessors. In a filing to the stock exchanges, the full-service airline said "an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements". The carrier is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken to improve its liquidity, the filing said. Faced with acute financial woes, the airline is looking to restructure its debt as well as raise funds. On February 23, the airline said an additional two planes have been grounded. This followed an announcement made to stock exchanges on February 7 that it has grounded four of its aircraft on account of non-payment of lease rentals. Jet Airways Wednesday also said it continues
New rail division for Andhra, named South Coast Railway: Goyal
Railway Minister Piyush Goyal on Wednesday announced a new railway division for Andhra Pradesh named South Coast Railway with its headquarters at Vishakapatnam.
Avg 10,458 riders daily on Aqua Line in first month, says data
Over 3.24 lakh passengers took rides on the Noida-Greater Noida Metro in the first month, earning a revenue of more than Rs 1 crore to the Noida Metro Rail Corporation (NMRC), according to an official data. The Aqua Line, the metro rail service that was opened for public on January 25, has recorded an average ridership of 10,458 passengers during the first 31 days of its operations, the NMRC data, accessed by PTI, stated. "From January 26 to February 25, the NMRC earned a total revenue of Rs 1.02 crore with an average daily earning of Rs 3.30 lakh and served 3.24 lakh passengers during the period," it said. The highest single day ridership of 14,314 passengers was recorded on the January 27 (Sunday), the second day after the launch of the Aqua Line. The same day the NMRC recorded its highest single day revenue of Rs 4.59 lakh. NMRC Executive Director P D Upadhyay said the response has been "good" so far, considering the Aqua Line is a "stand alone" metro corridor. He was also upbeat ..
Sebi slaps Rs 31 lakh on 9 entities for disclosure lapses
Markets regulator Sebi Wednesday imposed a total penalty of Rs 31 lakh on nine entities for not disclosing the change in their shareholding in Mindvision Capital Ltd. The nine entities facing the action are -- Dash Pharmaceuticals, Mandvi Dyes & Chemicals, Maxilla Financial Services, Parachit Sales & Marketing, Prime Dyes & Chemicals, Rajratan Trading Pvt Ltd, Sparkle Tooth Brush Mfg Co, Tutis Technologies and Vishal Information Technologies, as per the Sebi's order. The regulator conducted an examination from July 2008 to September 2010 for the probable violation and found that the entities on various occasions purchased/sold more than 2 per cent shares of the company during the period of investigation. Since they were holding more than 15 per cent of shares in the firm, any subsequent acquisition or sale in excess of 2 per cent will trigger the disclosure under SAST (Substantial Acquisition of Shares and Takeovers) norms, Sebi said. Under the SAST norms, the entities ...
WFP regains access to vital wheat stocks in Yemen
Sanaa, Feb 27 (IANS/AKI) The United Nations World Food Programme said that it has managed to regain access to a key grains facility at Yemen's main port of Hodeidah for the first time in six months, meaning more food could reach millions who are risk of starvation in the conflict-wracked country.
HC to pronounce verdict Thursday in National Herald eviction case
The Delhi High Court is likely to pronounce on Thursday its verdict on a plea by National Herald publisher AJL challenging a single judge order to vacate the premises here. A bench of Chief Justice Rajendra Menon and Justice V K Rao had reserved its decision on February 18 after hearing arguments of the Centre and Associated Journals Ltd (AJL). During the arguments earlier, AJL, represented by senior advocate Abhishek M Singhvi, had said that transfer of the company's majority shares to Young India (YI) would not make Congress President Rahul Gandhi and his mother Sonia Gandhi the owners of the Herald building here. He also contended that the Centre never raised the issue of lack of printing activity at the Herald building prior to June 2018, by when publishing of some of its online editions had already commenced. The Centre, represented by Solicitor General Tushar Mehta, had argued that in the manner the shares were transferred, the court needs to "pierce the corporate veil" of AJL ..
FIEO, eBay tie-up to promote retail exports through e-commerce
Exporters' body FIEO Wednesday formally announced a partnership to promote retail exports through e-commerce from India. "This strategic tie-up will stimulate the growth of Indian retail exporters by helping them sell online to eBay's 179 million buyers worldwide and share knowledge of retail export trends," a statement said. Under the tie-up, eBay's insights and best practices will be shared among member base of the Federation of Indian Export Organisations (FIEO) so that they can benefit from e-commerce market.
India, Italy should make concerted effort to promote bilateral trade: Prabhu
India and Italy should make a concerted effort to promote and expand bilateral trade between the countries, Commerce and Industry Minister Suresh Prabhu said Wednesday. India's trade with Italy has increased to USD 10.42 billion in 2017-18 from USD 8.80 billion in 2016-17. "There is an immense potential for Italian and Indian industries to have partnership and cooperation," he said in a statement. Prabhu said Italy is India's fifth largest trading partner in the European Union and 25th in the world. "Italy has inherent strengths in manufacturing, design and innovation and skills training while India has a vast pool of skilled human resources, competitive wage rates and an edge in sectors such as leather, gems and jewellery, auto components and textiles," the minister added. Prabhu also sought investments from that country, saying India has an attractive foreign investment policy. During April 2000 to December 2018, India has received USD 2.72 billion FDI from Italy. Michele Geraci, ...
SpiceJet to fly to Jharsuguda from March
Budget carrier SpiceJet will operate daily direct flights to the Veer Surendra Sai Airport in Jharsuguda, Odisha, from Delhi, Hyderabad and Kolkata under UDAN, the regional connectivity scheme, from March 31.
Jet Airways grounds several aircraft, services hit
Beleaguered airline Jet Airways has grounded a "significant number" of aircraft, a senior Civil Aviation Ministry official said here on Wednesday.
Four IT projects coming up in Kerala
: Kerala Chief Minister Pinarayi Vijayan Wednesday launched four high-end IT projects, including the state's second World Trade Centre at Technocity here. The projects would act as pivots for the IT ecosystem, trigger jobs and ensure sustainable economic development of the state. The project on the World Trade Centre, the second in Kerala after Kochi, is being carried out by the Brigade Group. Located on a 2.5-million-square foot, the trade centre can generate employment for 15,000 people. A memorandum of understanding (MoU) in this regard was exchanged by CEO of Technopark Hrishikesh Nair and CMD of Brigade Enterprises M R Jaishankar in the presence of the chief minister. Technopark has alloted 12 acres of land to Brigade Group to build the trade centre, which would have various facilities, including hotel-serviced apartments, hostel for working professionals and neighbourhood retail, and entertainment. Also, the Chief Minister launched 'SWATANTRA,' said to be the ...
Sebi fines 4 entities Rs 22 lakh for fraudulent trade in BSE stock options
Markets regulator Sebi has slapped a total fine of Rs 22 lakh on four entities involved in fraudulent trade practices in the illiquid stock options segment on BSE. In separate orders passed on Wednesday, Sebi levied a fine of Rs 5 lakh each on Sanjay Kumar Mahipal, Ram Avtar Mahipal, Vora Financial Services and Rs 7 lakh on Kishan Gopal Mohta. The regulator conducted a probe between April 2014 and September 2015 and found that 81.38 per cent of all the trades executed in stock options of the exchange were non-genuine and led to creation of artificial volume. These entities were among the various others that were indulged in execution of reversal trades in the stock options segment as they reversed their buy or sell positions in a contract with the same counterparty during the same day. Such trades are in violation of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted. "The trades executed by the Noticee were not genuine trades and being ...
Billionaire list shows $1T hit from '18 market meltdown
The stock market meltdowns in 2018 obliterated USD 1 trillion of the fortunes of the world's richest individuals, according to a list by wealth compiler Hurun Report. The report, China's version of the Forbes rich list, showed Chinese billionaires still outnumbered those from any other country as of January 31, at 658. Several newly minted ones amassed wealth through big share offerings, while 212 Chinese tycoons lost their dollar billionaire status. The US had 584 billionaires, followed by Germany with 117. The biggest gains in wealth last year came in the areas of technology, media and telecoms, followed by real estate and other investments, manufacturing and retailing. The wealthiest Chinese was e-commerce giant Alibaba's founder Jack Ma, the world's 22nd most wealthy person, with USD 39 billion. But Pony Ma Huateng of Internet giant Tencent Holdings, with USD 38 billion and Xu Jiayin of property developer Evergrande, with USD 37 billion, were close behind. Though Chinese and other